What is common between the top blockchain platforms that are growing rapidly? The answer isn’t difficult when we review of the most popular and new blockchain platforms. Each of the new blockchains are placing on three winning combination – greater speed, scalability, and lower cost of transactions when compared with their older predecessors. Additionally, Stellar blockchain is in the same class. If the emphasis isn’t sufficient in the three areas mentioned above it will be nearly impossible for a blockchain-based platform to gain traction.
What is Stellar?
Stellar is a protocol for payment that is based on distributed ledger system. It facilitates rapid, cross-border transactions among all currencies. It is, in many aspects it’s like other blockchain-based cryptocurrency.
According on the website of Stellar blockchain, Stellar blockchain “is a platform that connects payment systems, banks as well as people” and is designed to “move money fast, efficiently and for nearly free.”
Stellar Lumen (XLM) Stellar Lumen (XLM), the native currency of Stellar that powers the whole operation of the network of blockchain. When the Stellar network 100 billion Stellar Lumens/XLM were created.
The only other way to trigger making XLM can be attributed to inflation. There is a set annual rate of inflation of 1% of the Lumen creation rate in order to reflect economic growth and the loss of Lumens. The new Lumens are created each week and distributed through an indirect voting system.
The Stellar Network vs. Stellar.org
The Stellar network is a distributed ledger technology which facilitates financial transactions. The technology is open source that is distributed and owned by the community.
On the other the other hand, Stellar.org or Stellar Development Foundation is a non-profit organisation which contributes to financial inclusion, creation of social initiatives and tools that revolve around that Stellar network. Stellar employees Stellar create codes to support their Stellar network, however Stellar’s technology is not part of the company.
How Does Stellar Blockchain Work?
As with all blockchain platforms, any transactions made on Stellar’s Stellar network are recorded in an open and shared public ledger. Stellar utilizes an algorithm for consensus built in the Federated Byzantine Agreement (FBA) and is referred to as”the “Stellar Consensus Protocol” (SCP).
SCP helps facilitate quick transactions for less as everyone in the network reaching an agreement on the validity of a transaction within a matter of minutes. Every participant (called”a node) who helps to add entries to the worldwide ledger, selects his/her own mini-network from other trustworthy participants. The mini-networks are referred to as Quorum Slices. The large Stellar network is able to reach an agreement on valid transactions and add them to the ledger fast so long as Quorum Slices are in close proximity.
Where is the Value of Stellar Derived ?
Stellar is an international exchange network that has the capacity to host many exchanges of currency as well as tokens every second. This is why it has an unquestioned value and is of great utility.
Transferring cryptocurrency and/or fiat currencies can be a lengthy and expensive process. Stellar allows it to be quick and inexpensive. XLM (the cryptocurrency used within Stellar Wallet) is the cryptocurrency supported by Stellar Wallet) is used to pay transaction costs and manage your accounts through the Stellar network.
Read More : https://www.leewayhertz.com/what-is-stellar-blockchain/
Development Services 